Spaniards put Smartcom up for sale

15 Jun 2005

The Chilean press has reported that mobile operator Smartcom is to be put up for sale by its parent, Endesa, after the Spanish power utility brought in equity house JP Morgan as an advisor. Endesa says it does not see Smartcom as a core business, and has indicated in the past that it would happily offload it if an attractive offer came in. The cellco, whilst being Chile’s smallest, is an attractive prospect to international investors including Mexico’s América Movil, with Chile one of the few Latin American countries where it does not have a mobile presence. América Movil has already signaled its intent to enter the market by registering its brand name in the country. Other potential buyers include domestic market leader Telefónica Móvil (Chile) and rival Entel PCS, although both face extremely stiff opposition from the antimonopoly authorities if they decide to place a bid. In the case of a buyer not coming forward Endesa will sell 100% of shares in Smartcom on the stock market.

Chile, Claro Chile